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Handheld HVAC Monitoring Devices Market to Grow Significantly with Rising Demand Forecast till 2028

05-04-2023 09:49 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Premium Market Insights

Handheld HVAC Monitoring Devices Market

Handheld HVAC Monitoring Devices Market

The global Handheld HVAC Monitoring Devices Market is expected to grow from US$ 1,050.10 million in 2021 to US$ 1,534.99 million by 2028; it is estimated to grow at a CAGR of 5.6% from 2021 to 2028.

The demand for handheld HVAC monitoring devices is being fuelled by a rise in construction activities and new product launches. However, the market growth is being impeded by the high cost of these devices. HVAC monitoring devices are crucial for regulating the operation of heating and air conditioning systems in buildings. These systems continuously monitor the energy consumption and performance of HVAC equipment, detecting defects and inefficiencies to alert operators. HVAC is a significant contributor to a property's maintenance and energy-related operational costs, making HVAC analytics crucial in detecting equipment issues promptly.

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List of Companies
1. 3M
2. Fluke Corporation
3. Honeywell International Inc.
4. TSI Incorporated
5. Aeroqual Ltd
6. Met One Instruments Inc.
7. Kanomax USA, Inc.
8. Testo SE & Co. KGaA

Key Findings of Study
The global handheld HVAC monitoring devices market is segmented based on device type, application, and geography. By device type, the handheld HVAC monitoring devices market is segmented into temperature and humidity meters, gas detector, HVAC multimeter, airflow meter, and pressure gauge meter. In 2020, the pressure gauge meter segment held the largest market share. Based on application, the handheld HVAC monitoring devices market is segmented into residential, industrial, and commercial. In 2020, the industrial segment accounted for the largest market share. Geographically, the handheld HVAC monitoring devices market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2020, North America accounted for a significant share in the global market

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The global population has been increasing, leading to a rise in construction activities to meet the demand for housing. The United Nations (UN) estimates that the global population will reach approximately 9.7 billion by 2050, up from 7.7 billion in 2020. Furthermore, developing economies have seen an increase in urbanization and industrialization, leading to increased government-supported commercial projects and investments in the construction industry. For example, the Chinese government introduced an affordable housing system to support around 70% of urban families and middle-income households. As a result, the growth of construction, urbanization, and industrialization activities is expected to create a demand for effective HVAC systems, promoting the growth of the handheld HVAC monitoring devices market.

The rise in automation activities in the residential, commercial, and industrial sectors has resulted in significant energy consumption. Additionally, the increase in electricity-based HVAC systems has put pressure on electricity production plants and has had a negative impact on the environment worldwide. To mitigate these issues, there has been an increase in environmentally-friendly approaches, such as geothermal HVAC systems. Moreover, increasing awareness about environmental conservation has fueled the demand for energy-efficient buildings, thereby driving the handheld HVAC monitoring device market.

The handheld HVAC monitoring devices market is categorized into various device types, including temperature and humidity meters, gas detectors, airflow meters, HVAC multimeters, and pressure gauge meters. The pressure gauge meter segment held the largest market share in 2021. However, the temperature and humidity meter segment is expected to have the highest CAGR during the forecast period.

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In preparing the report on the handheld HVAC monitoring devices market, both primary and secondary sources were used. The key primary sources included Air Conditioning Contractors of America (ACCA), International Energy Agency (IEA), Environmental Protection Agency (EPA), Sheet Metal and Air Conditioning Contractors' National Association (SMACNA), and US Department of Energy's Building Technologies. In addition to this, exhaustive secondary research was conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The research process aimed to obtain an overview and forecast for the market with respect to all its segments.

TABLE OF CONTENTS
1. Introduction
1.1 Scope of the Study
1.2 Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 North America PEST Analysis
4.2.2 Europe - PEST Analysis
4.2.3 Asia Pacific - PEST Analysis
4.2.4 Middle East & Africa - PEST Analysis
4.2.5 South America - PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. Key Market Dynamics
Continued…

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